Average two and five-year fixed rates remained broadly flat week on week at just under 6%.

The latest weekly rate watch figures from Moneyfacts show that the average two-year fixed edged down by a single basis point to 5.96%, while the average five-year fixed was unmoved at 5.99%.

The average three-year fixed rate remained held steady at 5.74%.

It followed a week of mixed pricing movements by lenders with some trimming rates and others raising costs.

Moneyfacts head of consumer finance Adam French says: “The mortgage market took a pause for breath this week, with several major lenders cutting selected mortgage rates after weeks of successive increases.

“However, repricing remained mixed, with some lenders raising rates and others withdrawing products.

“Several major lenders made selected cuts, including HSBC, NatWest, Royal Bank of Scotland and First Direct.

“This suggests some easing in pricing pressure, although it is far too early to declare that a sustained downward trend is beginning.

“Atom Bank, Bluestone Mortgages, Virgin Money and Yorkshire Building Society increased selected rates.

“Accord Mortgages and Barclays also made increases alongside reductions, as individual product changes remain selective.”

French notes that there are around 25 sub-5% fixed rate deals available now, excluding those which are restricted to specific locations.

However, they are all at max 60% LTV and many of the products are aimed at second-time buyers.

He says it is encouraging to see some lenders continuing to compete in the high loan-to-value space as Newcastle Building Society cut selected fixed rates up to 95% LTV and introduced new products at 90% and 95% LTV.

Leek Building Society and West Brom Building Society also introduced products aimed at borrowers with smaller deposits.

Notable changes this week:

Accord Mortgages – Selected fixed rates reduced by up to 26bps, although some increased by up to 10bps; product end dates extended.

Atom Bank – Selected fixed rates increased by up to 15bps.

Barclays – Selected fixed rates reduced by up to 10bps, while others increased by up to 20bps; tracker rates increased by up to 6bps. New purchase and remortgage fixed rates launched.

Bluestone Mortgages – Selected fixed rates increased by up to 30bps.

First Direct – Fixed rates reduced by up to 15bps.

Leek Building Society – Selected fixed rates reduced by up to 64bps; new 95% LTV fixed rate launched.

Marsden Building Society – Selected fixed rates reduced by up to 20bps and discounted variable rates by up to 10bps; new later-life products launched.

NatWest – Selected fixed rates reduced by up to 17bps and tracker rates by up to 4bps.

Newcastle Building Society – Selected fixed rates reduced by up to 16bps; new tracker and high-LTV fixed-rate products launched.

Progressive Building Society – Fixed rates reduced by up to 46bps and discounted variable rates by up to 65bps.

Royal Bank of Scotland – Selected fixed rates reduced by up to 17bps and tracker rates by up to 4bps.

The Mortgage Lender – Selected fixed rates increased by up to 30bps.

West Brom Building Society – Selected fixed rates reduced by up to 16bps and discounted variable rates by up to 29bps; new five-year fixed rate launched at 95% LTV.

Yorkshire Building Society – Fixed rates increased by 12bps.